We watched one sitting on the high riverbank, stretching its legs and wandering alongthecurve of the river, before slumping down in a preferable place further along.
Implied yields on 90-day bill prices slipped by three basis points alongthecurve and the lower yield environment spread to the long end where benchmark 10-year yields dropped by three basis points to 5.45%.
There have been many recent recommendations to extend out alongthe yield curve given the municipal yield curve is approaching historic highs (401 bps 1-30yrs ).